As a business, in the current economic climate, being able to take payments by credit card or debit card is essential. It will expand your business potential, giving you a greater business presence with a wider customer base.
However, there are instances where your application to apply for a merchant account fails because of being a high-risk business. There are companies that will take on high-risk merchant accounts and knowing beforehand if you fit into this category, can mean applying for the right merchant account for your circumstances the first time, saving you time and embarrassment.
It is important that if you are looking to apply for a merchant account, you consider any possible points, which could risk the merchant company denying the application.
The main areas that can cause problems with the application, even a high-risk merchant account are:
- Being included on a ‘match’ list; this list is compiled by the merchant accounts who have withdrawn their services or indicated that you are a high-risk business.
- If you are running a business that is not permitted, for instance, medical marijuana is legal in some states, but these businesses have difficulty in getting merchant accounts because they are not legal in all states, causing difficulties with banks accepting their business.
- If you owe any tax money, it will highlight in the report. The merchant account will find this information when looking into your application and is a highly rated reason why the application fails.
- Your personal credit history will have an effect on the ability to open a merchant account; if you have problems managing your own money, you are not a good risk in business either.
- Becoming bankrupt will mean that financial options that are normally open to you will quickly shut. This is the high risk involved in dealing with a bankrupt person.
Make sure you have sorted all of the potential problems that can result in a rejection in the application process of a merchant account.
Call us at 1-800-621-4893 or click below to be approved for a High-Risk Merchant Account Today!